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I'm sure you are going to get a bunch of answers but you might want to refine your question by explaining what you mean by "which is usually best?" For example, if it is all one building with one roof, and the roof needs to be replaced, dividing the cost among more unit owners would probably be a good thing. On the other hand, if parking is limited and there are more units, the parking could be a bit of a problem for visitors. There are a bunch of these scenarios to consider.
All bbron says is good. One problem with smaller condo building is it could be easy for one faction/family to take control. One situation I know of is a 14 unit building where 6 of the owners/residents are related. One of the more difficult situation I know of is a two unit condo with the two owners at each others throat.
Small complexes less spread of maintenance and special assessment fees, common areas are the same whether there are 5 or 50 units, as the same footprint can rise up not out.
Very small complexs can be tough to get financing.
I have actually seen the opposite. Keep in mind that I am an agent, and not a mortgage officer, but loan programs are starting to shy away from lending on condo's and town homes in certain markets, because they don't appreciate, and sit on the market forever. One way the will determine if the unit will meet their financing criteria is by examining the current inventory of units on the market in the development, and in the building. If you have a building with a high number of units, chances are high that you will have a more difficult time selling later.
I have actually seen the opposite. Keep in mind that I am an agent, and not a mortgage officer, but loan programs are starting to shy away from lending on condo's and town homes in certain markets, because they don't appreciate, and sit on the market forever. One way the will determine if the unit will meet their financing criteria is by examining the current inventory of units on the market in the development, and in the building. If you have a building with a high number of units, chances are high that you will have a more difficult time selling later.
Just my two cents.
I'm a lender in California, we haven't seen the shying away of town homes and condos locally, especially with the revitalization of Downtown LA. Conversions can be tricky. Buying in a association with a very low number also poses issues which buyers should be familiar with.
I'm a lender in California, we haven't seen the shying away of town homes and condos locally, especially with the revitalization of Downtown LA. Conversions can be tricky. Buying in a association with a very low number also poses issues which buyers should be familiar with.
Condo owners forced to sell in a deconversion, like it or not
IN CHICAGO, ILLINOIS, 75% OF UNIT OWNERS CAN FORCE A BULK SALE AND TERMINATION OF THE CONDO ASSOCIATION.
This happens in other parts of the country too but the bigger the condo building is the harder it should be to get 75% ownership by one person.
We're looking into buying a condo and we're just wondering which is usually best?
Best for whom?
There is no one size fits all.
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